Maritime Reconnaissance and Surveillance Technology Market Rising Trends, Technology Research and Precise Outlook- 2030

At an estimated value of over USD 29.46 billion in 2019, the Global Maritime Reconnaissance and Surveillance Technology Market is predicted to thrive at a CAGR of 5.5% and valued at over USD 48.93 billion over the forecast year 2020-2030.

The maritime reconnaissance and surveillance technology is a feedback system which consists of deployment of surveillance assets. The information collected from these assets is compiled into a Recognized Maritime Picture (RMP). Hence, the reconnaissance and surveillance technologies have become the key to develop accurate and clear maritime situational awareness. The rapid technological advancements has led to the shift in the way maritime forces manage and utilize Intelligence, Surveillance and Reconnaissance (ISR) capabilities.

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Competitive Landscape

Lucrative growth opportunities make the maritime reconnaissance and surveillance technology market highly competitive. Some of the major players in the market are Boeing, Kongsberg Gruppen, SAAB, Thales SA, Raytheon Technologies, Indra Sistemas, Rheinmetall Air Defence, Kawasaki Heavy Industries, Ltd., Terma, and Elbit Systems and many more. A number of developmental strategies have been adopted by companies in the past few years. For instance, in February 2020, Boeing signed an agreement with Air Works, the Indian aviation service provider for the repair, maintenance, and overhaul (MRO) of Boeing’s key defense platforms in India. Under this agreement, Boeing initiated maintenance project for P-8I Aircraft, a multimission maritime patrol aircraft of Indian Navy.

Moreover, in October 2019, Raytheon Company collaborated with Korean Air to pursue the Intelligence Surveillance Target Acquisition and Reconnaissance program of Republic of Korea’s Air Force. Under the program, Raytheon is projected to be the prime contractor to provide multiple-intelligence, or Multi-INT technologies for the aircraft.

Market Dynamics and Trends

Factors such as the increased prevalence of piracy & terrorism, maritime conflicts amongst the countries, and the presence of high-value commercial assets in oceans drive maritime reconnaissance and surveillance technology market. In addition to this, rise in international trade through sea along with the increased security concerns propels the growth of the market. However, significant decrease in military spending in several countries owing to the economic slowdown caused by COVID-19 pandemic hampers the market growth. On the other hand, growth in adoption of advanced patrol boats, Unmanned Aerial Vehicles (UAVs), and Maritime Patrol Aircraft (MPAs) to improve maritime security by numerous countries around the globe creates lucrative opportunities for the market growth.

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Market Segmentations and Scope of the Study:

The global maritime reconnaissance and surveillance technology market share is segmented on the basis of component, platform, and geography. On the basis of component, the market is categorized into hardware (radar, sensors, AIS receiver, camera, SONOBUOYS/sonar, and others), software, and services (manage services/maintenance, integration and implementation, training and consulting). According to the platform, the market is divided into airborne (unmanned aerial vehicle, maritime patrol aircraft (MPA), and aerostat), surface ships, and under water vehicle (submarine and underwater drones. Geographic fragmentation and analysis of each segment includes regions comprising North America, Europe, Asia Pacific and RoW.

Geographical Analysis

In terms of geography, North America held major share of the market in 2019. This is attributed to the increasing deployment of advanced maritime surveillance systems along with the high government spending on defense sector. In addition to this, Canada has the longest coastline of about 202,080 kilometers; hence, the maritime industry of Canada would exhibit huge demand for maritime reconnaissance and surveillance technology. However, Asia pacific is expected to witness highest growth rate as the sea-borne terrorism has emerged as one of the major security threats across littoral-Asia.

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